Chapter 7 Review: Paying for College

Part of making a plan to _____ involves searching for scholarships, saving, and talking with your family about what kind of financial help you'll get.

• pay cash for college

• live in a dorm

• take out a student loan

• get good grades

You can fund your education by finding the right mix of _____, _____, and _____.

• cash; loans; grants

• work; loans; cash

• grants; scholarships; work

• scholarships; trust funds; federal aid

It takes the average person _____ to pay off their student loan debt.

• 20 years

• 10 years

• 5 years

• 2 years

Private school loans typically have a higher interest rate than the federal student loans.

• True

• False

Getting good grades and scoring well on college entrance exams give you a better chance of _____.

• going to an out-of-state college

• getting an interview

• graduating early

• getting a scholarship

Since federal funding is often awarded on a first-come, first-served basis, you will be more likely to get financial help by filling out your FAFSA as soon as possible.

• True

• False

The average college student in America graduates with _____ in student loan debt.

• $20,000

• $10,000

• $5,000

• $35,000

The FAFSA is the federal application required to

• receive financial aid.

• get a part-time job your first semester.

• do a work-study program.

• get into college.

In-state college tuition is almost always a cheaper option than out-of-state colleges.

• True

• False

Dropping out of college means you don't have to pay your student loans.

• True

• False